Table of Contents
Business Failures in the Wake of the Shutdown ……………………………………………………1
In Memoriam: Gerald Hines (1925-2020) …………………………………………………………………2
The True Employment Situation …………………………………………………………………………………6
Civility Must Prevail ………………………………………………………………………………………………………..10
Watch the Flight of the Butterfly………………………………………………………………………………10
Canary Watch Box ………………………………………………………………………………………………………….12
The COVID-19 Learning Curve ………………………………………………………………………………….51
Ambiguity Aversion: One Factor in Market Corrections ………………………………….52
If Interest Rates Determine Cap Rates, Where Is the Evidence? …………………..54
Real Estate Capital Markets …………………………………………………………………………………………60
Construction Cost Trends ……………………………………………………………………………………………74
Housing Market Update ………………………………………………………………………………………………76
“OK, Millennial” ………………………………………………………………………………………………………………..87
Vacancy/Occupancy Rate Forecast Adjustments …………………………………………….88
Office Market Outlook ………………………………………………………………………………………………….89
Industrial Market Outlook …………………………………………………………………………………………..93
Multifamily Market Outlook ……………………………………………………………………………………….96
Retail Market Outlook ………………………………………………………………………………………………..101
Hotel Market Outlook ………………………………………………………………………………………………..104
Seniors Housing and Care Market Outlook ……………………………………………………….106
Vacancy/Occupancy and Absorption Projections ………………………………………….110
Office Market Close-up: Los Angeles MSA………………………………..Available online
Industrial Market Close-up: Dallas-Ft. Worth MSA …………………Available online
Multifamily Market Close-up: Atlanta MSA ………………………………Available online
Hotel Market Close-up: NYC MSA ………………………………………………..Available online
Editorial Staff ………………………………………………………………………………………………………………….140
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Source: Linneman Associates, LLC
